by Calculated Risk on 2/05/2025 08:30:00 AM
The Census Bureau and the Bureau of Economic Analysis reported:
The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today
that the goods and services deficit was $98.4 billion in December, up $19.5 billion from $78.9 billion in
November, revised.December exports were $266.5 billion, $7.1 billion less than November exports. December imports were
$364.9 billion, $12.4 billion more than November imports.
emphasis added
Click on graph for larger image.
Exports and imports increased in November.
Exports are up 2.5% year-over-year; imports are up 12.4% year-over-year.
The second graph shows the U.S. trade deficit, with and without petroleum.
The blue line is the total deficit, and the black line is the petroleum deficit, and the red line is the trade deficit ex-petroleum products.
Note that net, exports of petroleum products are positive and have been increasing.
The trade deficit with China increased to $25.0 billion from $22.0 billion a year ago.  It is likely some importers were trying to beat potential tariffs.
